NPORT-EX 2 NPORT_1956_21821223_0122.htm

Statement of Investments

January 31, 2022 (unaudited)

Aberdeen Australia Equity Fund, Inc.

Shares			Description		Industry and Percentage of Net Assets		Value (US$)
LONG-TERM INVESTMENTS — 102.7%
COMMON STOCKS — 102.7%
AUSTRALIA — 90.6%
59,800			Altium Ltd.		Software— 1.1%		$	1,528,730
179,842			Aristocrat Leisure Ltd.		Hotels, Restaurants & Leisure— 3.9%			5,213,218
64,500			ASX Ltd.		Capital Markets— 2.8%			3,825,400
276,500			Australia & New Zealand Banking Group Ltd.		Banks— 3.9%			5,225,528
1,530,200			Beach Energy Ltd.		Oil, Gas & Consumable Fuels— 1.2%			1,616,397
449,800			BHP Group Ltd.		Metals & Mining— 10.5%			14,197,843
155,300			Charter Hall Group		Equity Real Estate Investment Trusts (REIT)— 1.4%			1,860,161
27,800			Cochlear Ltd.		Health Care— 2.8%			3,812,295
185,500			Commonwealth Bank of Australia		Banks— 9.2%			12,370,946
52,855			CSL Ltd.		Biotechnology— 7.2%			9,790,997
379,000			Endeavour Group Ltd.		Food & Staples Retailing— 1.3%			1,692,847
1,031,400			Evolution Mining Ltd.		Metals & Mining— 1.9%			2,591,321
322,100			Goodman Group, REIT		Equity Real Estate Investment Trusts (REIT)— 3.9%			5,318,427
75,000			IDP Education Ltd.		Diversified Consumer Services— 1.2%			1,567,677
544,500			Insurance Australia Group Ltd.		Insurance— 1.2%			1,642,416
63,700			James Hardie Industries PLC		Construction Materials— 1.6%			2,143,838
49,100			Macquarie Group Ltd.		Capital Markets— 4.8%			6,417,935
745,200			Medibank Pvt Ltd.		Insurance— 1.2%			1,632,935
137,200			Megaport Ltd. (a)		Information Technology Services— 1.0%			1,319,833
1,433,400			Mirvac Group, REIT		Equity Real Estate Investment Trusts (REIT)— 2.0%			2,656,325
419,700			National Australia Bank Ltd.		Banks— 6.0%			8,098,298
337,200			Northern Star Resources Ltd.		Metals & Mining— 1.5%			2,009,686
213,500			OZ Minerals Ltd.		Metals & Mining— 2.7%			3,703,610
436,400			Pilbara Minerals Ltd. (a)		Metals & Mining— 0.8%			1,009,602
51,700			Pro Medicus Ltd.		Health Care Technology— 1.2%			1,669,596
51,900			Rio Tinto PLC - London Listing		Metals & Mining— 2.7%			3,658,188
1,721,800			Telstra Corp. Ltd.		Diversified Telecommunication Services— 3.5%			4,786,466
116,800			Wesfarmers Ltd.		Multiline Retail— 3.2%			4,358,101
199,600			Woodside Petroleum Ltd.		Oil, Gas & Consumable Fuels— 2.6%			3,566,653
130,000			Woolworths Group Ltd.		Food & Staples Retailing— 2.3%			3,171,280
								122,456,549

See accompanying Notes to Portfolio of Investments.

Statement of Investments (concluded)

January 31, 2022 (unaudited)

Aberdeen Australia Equity Fund, Inc.

NEW ZEALAND—9.8%
564,600			Auckland International Airport Ltd. (a)		Transportation Infrastructure— 2.0%		$	2,690,335
120,100			Fisher & Paykel Healthcare Corp. Ltd.		Health Care— 1.7%			2,249,034
333,900			Mercury NZ Ltd. (a)		Electric Utilities— 0.9%			1,245,278
634,500			Spark New Zealand Ltd. (a)		Diversified Telecommunication Services— 1.4%			1,831,484
63,900			Xero Ltd. (a)		Software— 3.8%			5,176,248
								13,192,379
UNITED STATES—2.3%
8,943			Block, Inc.,GDR (a)		Information Technology Services— 0.7%			1,020,619
93,100			ResMed, Inc.,GDR		Health Care— 1.6%			2,114,621
								3,135,240
	Total Long-Term Investments—102.7% (cost $116,591,651)							138,784,168

Shares				Description		Value (US$)
SHORT-TERM INVESTMENT—1.5%
UNITED STATES—1.5%
	2,055,442			State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(b)			2,055,442
				Total Short-Term Investment—1.5% (cost $2,055,442)			2,055,442
				Total Investments—104.2% (cost $118,647,093)			140,839,610
				Liabilities in Excess of Other Assets—(4.2)%			(5,691,726	)
				Net Assets—100.0%		$	135,147,884

(a)     Non-income producing security.

(b)     Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2022.

GDR      Global Depositary Receipt

PLC       Public Limited Company

REIT     Real Estate Investment Trust

See accompanying Notes to Portfolio of Investments.

Notes to Portfolio of Investments (unaudited)

January 31, 2022

Summary of Significant Accounting Policies

a. Security Valuation:

The Fund values its securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date.

Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time. A security using any of these pricing methodologies is determined to be a Level 1 investment.

Foreign equity securities that are traded on foreign exchanges that close prior to 4:00 p.m. Eastern time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing a Fund’s portfolio holdings to estimate market movements between the time foreign markets close and the time a Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security.

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment types are categorized as Level 1 investments.

In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Fund's Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been fair valued by the Fund's Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs.

Aberdeen Australia Equity Fund, Inc.